Debt Arrangement Scheme (DAS)

Is DAS right for you?

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Debt Arrangement Scheme (DAS)

The Debt Arrangement Scheme (DAS) is available to people in Scotland who are struggling with unsecured debts such as loans, credit cards and overdrafts. DAS gives you more time to pay off your debts with a single affordable payment which is shared among your creditors. DAS also freezes interest and charges so your debt doesn’t grow, and stops your creditors taking legal action to recover the debt.

DAS is not insolvency, because you are not declaring that you are unable to pay off your debts, just that you need more time. So you don’t have to worry about your home, car or other assets being affected.

Advantages of DAS

• you have longer to pay off the debt• you only pay what you can afford• interest and charges are frozen• your home, car and other assets are not affected• your creditors will not be allowed to take action against you to recover the debt as long as you are still in a DAS.

Points to consider about DAS

• DAS is only available to residents of Scotland• secured debts cannot be included in a DAS• you must be able to pay off the debts within a reasonable timeframe• DAS is not available if you are bankrupt or in a Trust Deed• your name will be published in a public register• you cannot take out additional credit while in a DAS• your credit rating will be affected for six years after the DAS has been completed.

To apply for a DAS, you need to see a DAS Approved Money Adviser who will advise whether DAS would be suitable for you in your circumstances.DAS Approved Money Advisers can be free, or fee-charging. You can search for DAS Approved Money Advisers

The Money Adviser will draw up an income and expenditure statement and work out how much you can afford to pay. They will record your intention to apply for a DAS on a public register. This halts any legal action to recover the debts. The Money Adviser will then contact your creditors for confirmation of your debts and to seek approval of the DAS. Your creditors don’t have to accept, but if they refuse, the DAS Administrator (the senior civil servant responsible for administering the DAS for the government) can force creditors to accept it, if they consider it ‘fair and reasonable’ to do so.

DebtAdvisoryScotland.net is a trading name of The Carrington Dean Group. We have helped more than 20,000 people resolve their debt problems since 2001. We are DAS Approved Money Advisers and can help you work out if DAS is for you. We are available at times to suit you, and can visit you in your home if that is more convenient. Our advice is free.

If you do decide to apply for a DAS through us our set up fee is L25, which compares favourably with other companies who charge up to L495. 15% from each subsequent paymentis taken as our fee for providing continuing Money Advice to you. We will undertake 12-monthly reviews of your circumstances and are available throughout your DAS to advise on any changes in your circumstances and apply for any variations to your DAS if necessary.

With DAS, you have the peace of mind of knowing that your unsecured debts are being paid off in a sustainable way.